What is the problem accelerators are solving?(whoyoucallingajesse.com)
whoyoucallingajesse.com
What is the problem accelerators are solving?
http://whoyoucallingajesse.com/past/2013/11/07/problem-accelerators-solving/
5 comments
9 out of 10 accelerators out there are bad copies of ycombinator made by greedy (and cheap) investors trying to ride the startup gravytrain like in the dotcom years and/or desperate politicians trying to get some of that sweet gentrification SF complains so much about.
I was unfortunate enough to land in a combination of BOTH: the accelerator was made by investors with literally ZERO experience with technology companies who were extremely cheap, and a local government that wasted taxpayer's money on it. I say waste because most of the money went to friends and family of the investors/organizers who didn't put a dime out of their collective pockets but went ahead and hired each other (and each other's acquaintances) to fill mentor roles within the accelerator.
What a joke that was, we got literally nothing out of the experience, we lost precious time having to deal with all the bullshit they made us go through. Contacts? they were nobodies, so no rolodex magic for us. Press? again, a bunch of nobodies, all press we got was BYO, in fact the accelerator mooched off our existing contacts with tech blogs and got some coverage for themselves.
Because the "investors" were cheapstakes along for the ride nobody got any investments from that network, only one team which secured a line of credit from a local no-name bank thanks to the local government (again more taxpayer money).
There should be a tripadvisor for accelerators, there was no way we could know what we were getting into.
I was unfortunate enough to land in a combination of BOTH: the accelerator was made by investors with literally ZERO experience with technology companies who were extremely cheap, and a local government that wasted taxpayer's money on it. I say waste because most of the money went to friends and family of the investors/organizers who didn't put a dime out of their collective pockets but went ahead and hired each other (and each other's acquaintances) to fill mentor roles within the accelerator.
What a joke that was, we got literally nothing out of the experience, we lost precious time having to deal with all the bullshit they made us go through. Contacts? they were nobodies, so no rolodex magic for us. Press? again, a bunch of nobodies, all press we got was BYO, in fact the accelerator mooched off our existing contacts with tech blogs and got some coverage for themselves.
Because the "investors" were cheapstakes along for the ride nobody got any investments from that network, only one team which secured a line of credit from a local no-name bank thanks to the local government (again more taxpayer money).
There should be a tripadvisor for accelerators, there was no way we could know what we were getting into.
Hey! are you on my Country?
Recently declared as "the most innovate-foster culture of Latin America" or something like that.
But is also WORSE. You need to spend 6 months, half-time attending talks, filling stuff and more or less wasting time... all for the chance to finally meet the investor.
Is a great business for the "accelerators" that are giving US20.000 for each startup (they "Value"), but only US 2.000 in cash, for the kind of thing THEY decide to buy (and no startup accelerator program here help in pay salaries, ie, the people you truly need. Is for buy business cards. Seriously).
The time I waste on that is one of the things I regret more. Saddly, you don't know the full terms UNTIL you have "win" in the top 100 of 1000, get pass the interview, fill stuff then get to the point of get that amazing benefits.
Recently declared as "the most innovate-foster culture of Latin America" or something like that.
But is also WORSE. You need to spend 6 months, half-time attending talks, filling stuff and more or less wasting time... all for the chance to finally meet the investor.
Is a great business for the "accelerators" that are giving US20.000 for each startup (they "Value"), but only US 2.000 in cash, for the kind of thing THEY decide to buy (and no startup accelerator program here help in pay salaries, ie, the people you truly need. Is for buy business cards. Seriously).
The time I waste on that is one of the things I regret more. Saddly, you don't know the full terms UNTIL you have "win" in the top 100 of 1000, get pass the interview, fill stuff then get to the point of get that amazing benefits.
No never been to latam
Thought it was an article about particle accelerators. Dissapointed. yawn
The actual source URL: http://whoyoucallingajesse.com/past/2013/11/07/problem-accel...
It would be much harder to raise a seed round on a 4M cap if you had just given an investor effectively a 1M cap 3 months before. But with accelerators that's not an issue!